NY governor pursues BNPL regulation
Payments Dive
JANUARY 3, 2024
New York Gov. Kathy Hochul is seeking to require buy now, pay later providers to obtain a license to operate in the state, in addition to other potential regulations for the industry.
New York To Ease Cryptocurrency Regulations
PYMNTS
JUNE 25, 2020
It will be easier for New York cryptocurrency businesses to launch in New York, thanks to a plan by regulators that would ease licensing rules. Once licensed by DFS, the program can support virtual currency firms. DFS is requesting public comment on this proposed framework by August 10th.
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New York Raises Check Cashing Fees
Perficient
FEBRUARY 26, 2021
Effective February 26, 2021, New York State has increased the maximum fee that check cashers in New York State may charge. Interestingly, New Jersey has a different percentage. According to New Jersey Check Cashing Regulation 3:24-4.1, The increase is to 2.27 90, whichever is greater. 1381 et seq.,
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New York Governor’s Proposed TED Bill Includes Sweeping BNPL Legislation
CFPB Monitor
JANUARY 25, 2024
After promising earlier this year to “establish nation-leading regulations for the Buy Now Pay Later loan industry,” New York Governor Kathy Hochul took a significant first step in that direction by including Buy Now Pay Later (“BNPL”) legislation in her Proposed 2024-2025 Transportation, Economic Development and Environmental Conservation (“TED”) (..)
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Today In Payments: Wirecard Files For Insolvency; New York To Ease Cryptocurrency Regulations
PYMNTS
JUNE 25, 2020
In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. New York To Ease Cryptocurrency Regulations. Plus, California seeks a court order to make Uber and Lyft classify drivers as employees.
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New York Governor’s 2024 consumer protection agenda targets “unfair and abusive” business practices and BNPL
CFPB Monitor
JANUARY 16, 2024
In remarks to the press and public on January 2, 2024, New York Governor Kathy Hochul announced “a sweeping consumer protection and affordability agenda”, including proposed actions to “strengthen consumer protections against unfair business practices” and “establish nation-leading regulations for the Buy Now Pay Later loan industry”.
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New York State Regulations for Online Lenders to ‘Level Playing Field’ for Banks
Bank Innovation
JULY 12, 2018
For one thing, rising interest rates will increase their cost of funds, and perhaps make their offerings less attractive, and for another, regulations may arrive that make operating their businesses more expensive. In New York State, perhaps anticipating a […].
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New York DFS Issues Guidance on Climate Change Risks for Financial Institutions
CFPB Monitor
FEBRUARY 28, 2024
On December 21, 2023, the New York Department of Financial Services (“DFS”) published guidance (the Guidance) to assist regulated institutions in assessing and managing their climate-related financial and operational risks.
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New York Department of Financial Services issues final regulations for consumer-like disclosures for commercial financing
CFPB Monitor
FEBRUARY 13, 2023
The New York Department of Financial Services (DFS) has issued final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL) which requires consumer-like disclosures for “commercial financing” transactions of $2.5 million or less. Continue Reading
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U.S. Regulations to Consider When Managing a Cryptocurrency Fund
Perficient
MAY 27, 2022
For those wanting to start their own cryptocurrency fund, it’s important to be well informed about cryptocurrency regulations. Regulatory cryptocurrency regulations are most fluid at the state level. State Regulations. For instance, Coinbase can only offer about half the coins available on its platform to New York customers.
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Credit Card Surcharges OK’ed In New York
PYMNTS
JANUARY 9, 2019
New York has banned the ban. In the wake of court filings this week that effectively ended a challenge to surcharges on credit card transactions in New York, merchants in the Empire State can indeed embrace those fees, contingent upon stating those costs to consumers up front.
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New York AG sues Citibank over allegedly lax defenses against fraud
American Banker
JANUARY 30, 2024
The megabank failed to adequately protect and reimburse customers who were victims of wire-transfer fraud, according to a lawsuit by the New York Attorney General. Citi said that it follows all relevant laws and regulations.
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New York Regulator Fines Pakistani Bank $630M
PYMNTS
AUGUST 29, 2017
The New York State Department of Financial Services (DFS) is looking to fine Habib Bank Ltd (HBL) nearly $630 million for failing to comply with state and federal laws at its only U.S. Reuters reported news that if the fine is imposed, it would be the largest ever faced by a Pakistani bank.
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New York Payroll Card Regulation Fight Wages On
PYMNTS
MAY 18, 2017
In the latest development in New York state’s debate over payroll card regulation, Department of Labor has reportedly appealed an earlier decision that invalidated and revoked earlier regulations on payroll cards issued by the Department. The regulations, it continued, overlapped bank regulations on payroll card fees.
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New York City Council Bans Cashless Food And Retail Stores
PYMNTS
JANUARY 23, 2020
The New York City Council on Thursday (Jan. Applebaum added that communities of color in New York City are more than twice as likely to lack access to a bank and are less likely to host a branch of a bank than the national average. 23) passed a ban on cashless food and retail stores.
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NYSDFS Part 500 Cyber Amendments Finalized: What You Need to Know
Perficient
FEBRUARY 15, 2024
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.
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New York Times Posts Blockchain Job
PYMNTS
MARCH 13, 2019
The New York Times newspaper posted a job called “Lead, Blockchain Exploration” on Wednesday (March 13), and later took it down, according to reports. The posting said the organization was looking for someone to “design a blockchain-based proof of concept for news publishers.”.
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New York Wants To Be The Model For Cybersecurity Regulation
PYMNTS
APRIL 10, 2017
New York’s financial regulator had a bold claim to offer over the weekend — she claimed that other states should use New York’s sweeping cybersecurity rules as a model for how insurers must protect their networks from hackers. The New York regulation is a road map with rules of the road.”.
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New York enacts new requirements for subscription auto-renewals and credit card surcharge pricing
CFPB Monitor
DECEMBER 20, 2023
On December 13, 2023, New York Governor Hochul signed two laws, which aim to protect consumers from (1) unwanted subscriptions by requiring notice to consumers for upcoming automatic renewals with clear instructions for canceling, and (2) confusion over prices by requiring merchants to post the highest price a consumer may pay for a product regardless (..)
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New York regulator offers incentives for climate-friendly loans
American Banker
FEBRUARY 9, 2021
The department of financial services will grant credit under the state's community reinvestment law to New York-chartered banks and credit unions that finance projects aimed at helping low-income communities better adapt to a warming world.
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New York Department of Financial Services issues proposed guidance relating to management of material financial risks from climate change
CFPB Monitor
JANUARY 18, 2023
The New York Department of Financial Services (DFS) recently issued proposed guidance (Guidance) related to climate change that applies to New York State-regulated banking organizations, New York State-licensed branches and agencies of foreign banking organizations, and New York State-regulated mortgage.
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New requirements for live checks now effective in New York
CFPB Monitor
OCTOBER 17, 2022
On September 2, 2022, new requirements for “live checks” became effective in New York. The new requirements were created by SB 4894 which New York Governor Hochul signed into law on May 5, 2022. The new requirements apply to “mail-loan checks” issued by “lending institutions.”
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New York Lifts COVID Restrictions; New Strains Still A Concern
PYMNTS
JANUARY 28, 2021
New York Gov. The holiday surge from Christmas and New Years appears to be done with, peaking on Jan. 4 when the positivity rate in New York hit 8 percent across the state. Andrew Cuomo has lifted COVID-19 restrictions, although the emergence of more contagious strains could put a stop to that, CNBC writes.
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New York is buying a supercomputer to understand and regulate AI
American Banker
JUNE 27, 2023
New York is seeking to procure a supercomputer to run artificial intelligence systems and gain a deeper understanding of the technology for more effective regulation.
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Unions Urge New York To Follow California’s Lead On Gig Workers
PYMNTS
SEPTEMBER 16, 2019
Unions in New York are petitioning the state to change its laws to include employment protections for gig economy workers, similar to a bill recently passed in California, The Wall Street Journal reported on Monday (Sept. Uber and Lyft have voiced opposition and said such regulations would negatively impact both customers and drivers.
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DFS500 Amendments: What You Need to Know
Perficient
FEBRUARY 15, 2024
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers.
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New York City Mulls Fur Sales Ban
PYMNTS
APRIL 2, 2019
Following the lead of other municipalities, New York City could be going fur-free with a proposed law on the horizon. Footwear News reported. “In In a progressive and modern city like New York, banning the sale of fur clothing and accessories is long overdue,” Johnson said in a statement, according to the outlet.
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New York Grand Jury Looking Into Facebook’s Data Sharing Agreements
PYMNTS
MARCH 14, 2019
Facebook is the subject of a criminal investigation by federal prosecutors over the data deals it inked with some of the biggest technology companies, reported The New York Times. Facebook has been working to remove the partnerships during the past two years, reported The New York Times. Privacy advocates contend it does.
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New York Just Told the OCC to Stick It
Bank Innovation
JANUARY 17, 2017
The New York State Department of Financial Services submitted a formal comment letter to the OCC today, saying that the latter, frankly, isn’t going to do the job of regulating fintechs — and isn’t Read More. Turns out, not everyone is happy about the OCC’s decision to grant banking licenses to (suitable) fintechs.
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New York now requires banks to report ransom payments
American Banker
NOVEMBER 7, 2023
The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.
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New York vs OCC: Let’s Think of the Children
Bank Innovation
FEBRUARY 17, 2017
In his recent 2017 budget proposal, Governor Andrew Cuomo outlined a few changes that might be in store for New York State fintechs, particularly online lenders. The Empire State really wants to be in charge of the fintech sandbox—and it wants the OCC out already. These changes include expanding the Read More.
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New York City amends debt collection regulations to include language proficiency requirements
CFPB Monitor
JUNE 12, 2020
New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies.
Gett Shutters Juno In New York, Partners With Lyft
PYMNTS
NOVEMBER 18, 2019
Ridesharing company Gett, which operates under the name Juno in New York City, is shuttering its operations there and entering into a partnership with Lyft to take on its accounts, according to a report by TechCrunch. Gett is backed by Volkswagen and has a valuation of about $1.5
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NYDFS Announces Draft Amendments to Cybersecurity Regulation
CFPB Monitor
AUGUST 12, 2022
On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Cyber Security Regulations. The Amendments, if adopted, would further regulatory trends and impose important new requirements on covered entities.
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Enforcement grace period expected for amendments to New York City debt collection regulations adding language proficiency requirements
CFPB Monitor
JUNE 22, 2020
ACA International has reported that after discussions last week with the New York City Department of Consumer Affairs (DCA), the DCA is expected to announce a 60-day enforcement grace period for the new requirements relating to consumers’ language proficiency that were recently added to NYC’s existing debt collection regulations.
Is Your Board Ready To Comply With Cybersecurity Regulations?
Bank Innovation
MAY 16, 2017
Last year, regulators in New York decided to take cybersecurity matters for financial institutions into their own hands, releasing a set of rules (which went into effect in March), requiring banks and other FIs to establish a stricter cybersecurity program.
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Prosecutors Target Loosely-Regulated Business Lending Sector
PYMNTS
AUGUST 11, 2020
Merchant cash advance companies avoid much of the regulation banks face by claiming that rather than giving loans to businesses, they’re paying the business cash now in return for a cut of future revenue. Critics argue that the total cash outflow required of businesses that get money from merchant cash advance companies can be disastrous.
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New York amends its Community Reinvestment Act to cover non-bank mortgage lenders; New York DFS issues proposed revisions to CRA regulation to require collection of data by banks on loan applications from minority- and women-owned businesses
CFPB Monitor
NOVEMBER 16, 2021
On November 1, New York Governor Hochul signed into law amendments (S.5246-A/A.6247-A) 6247-A) to the New York Community Reinvestment Act (NYCRA) that expand the NYCRA’s coverage to non-depository mortgage lenders. Expansion of CRA coverage. The amendments are effective November 1, 2022.
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New York Ramps Up Fight Against Predatory SMB Lending
PYMNTS
DECEMBER 14, 2018
Just days after New York Attorney General (AG) Barbara Underwood announced an investigation into possible misconduct among merchant cash-advance (MCA) firms against small business (SMB) borrowers, The Washington Post reported that state legislators are vowing to push for change in the industry. The publication said on Thursday (Dec.
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New York enacts significant changes impacting debt collection lawsuits
CFPB Monitor
NOVEMBER 16, 2021
On November 8, 2021, New York Governor Hochul signed into law the “ Consumer Credit Fairness Act ” (S.153). The Act contains a series of amendments to the New York Civil Practice Law and Rules that significantly impact debt collection lawsuits filed in New York state courts by creditors or debt collectors.
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Robinhood crypto unit fined $30M by New York regulator
BankInovation
AUGUST 2, 2022
s cryptocurrency arm was fined $30 million by New York’s financial regulator after the brokerage was accused of violating anti-money-laundering and cybersecurity rules. Robinhood Markets Inc.’s The unit must enlist an independent consultant to monitor compliance, according to an order filed Tuesday.
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New York enacts commercial financing disclosure law
CFPB Monitor
JANUARY 6, 2021
On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470 – B , which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less. New York’s commercial financial law (NYCFL) states that it takes effect on the 180 th day after becoming law, which is June 21, 2021.
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Square Gets License From New York To Enable Bitcoin Trading
PYMNTS
JUNE 18, 2018
Square , the payments company founded by Jack Dorsey, has received a license to enable residents in New York state to buy and sell bitcoin via its Cash App. In a press release , the New York State Department of Financial Services Superintendent Maria T.
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127 Final regulations implementing New York student loan servicing law effective Oct. 16
CFPB Monitor
OCTOBER 28, 2019
Final regulations adopted by the New York Department of Financial Services (NYDFS) to implement the state’s new student loan servicing law became effective on October 16, 2019 upon the publication by the NYDFS of a Notice of Adoption in the State Register. Definition of “student loan.” Handling of nonconforming payments.
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